A business is started with the aim of making profit after meeting a particular market need. Without meeting the need as required, it is not possible to make profit. This means that for a business to be successful there is need for good market research to understand the business market and its demands. Lean research helps to ensure a business carries on with research and intelligence.
Carrying out lean market research
In business, market research should not stop when you already launch the business. Research should be an ongoing exercise to ensure that you are always well informed about the market. Through lean marketing a business owner has fast and reliable research on the market demand. This model of market intelligence research ensures the continuous growth and improvement in business.
Lean market research is efficient in having a business reach customers more quickly. The insight received from lean research makes a business more competitive. Lean research is also quite affordable. It is a form of market intelligence research that a business can easily adopt internally. It is a good market research model that small businesses and start ups can adapt so as to promote growth.
How to carry out lean research
The following steps will guide you in understanding your market and the demands.
• Having user personas
These are semi-fictional personalities that are created as per the geographical and psychological data of the particular market customers. You then email people surveys and interviews to collect data. This also helps you to understand the users in a better way.
The interview questions should be focused on the following
1. Who the customer is
2. The customer’s main goal
3. What is deterring the customer from achieving their main goal
The questions should not be too many as it can be tedious. They should be five or less so as to have many people able to participate. The questions should also not focus so much on the demographics of the business. The focus should be on the product and the role of the customers in relation to the product.
• Data analysis
Lean marketing makes it possible for business owners to get efficient market insights as quickly as possible. After gathering data and information using the methods discussed, the data is analyzed. There are various methods of analyzing the data.
The data can be analyzed using the flow method of analysis. This model is in form of a diagram that keeps track of data in a system. The diagram creates a visual representation of customers and how they interact. Through this, you are able to keep tract of them and understand their needs based on their interactions.
You can also analyze the data using an affinity diagram. In this model you sort large volumes of data and place it in groups. The groups here are generally similar likes and dislikes put together. These groupings help the business to relate market issues and know how to handle them.
Another efficient way to analyze data in lean research is using a customer journey map. The map is a model that demonstrates how a potential customer ends up being an actual customer. The diagram shows the potential customer interacting with your product for the first time. It proceeds on to show each step taken to the purchase of the products.
Market intelligence research in business is a continuous process and part of the business. It does not stop when a business is already active and making a profit. Markets change and businesses must always be aware of the market situation. Through lean cpp email marketing, a business of any kind is able to keep updated on the business market.
